Saudi Arabia’s crude oil exports hit their highest level in two and a half years in October, data from the Joint Organizations Data Initiative (JODI) showed on Thursday.
Crude exports from the world’s largest oil exporter increased to 7.100 million barrels per day (bpd), higher than September’s 6.460 million bpd, and their highest level since April 2023.
Saudi Arabia’s crude output, meanwhile, stood at about 10 million bpd in October, its highest since April 2023. Output in September stood at 9.966 million bpd.
Saudi Arabia and other OPEC members submit monthly export figures to JODI, which publishes them on its platform.
Refinery crude throughput in the kingdom fell to 2.712 million bpd in October, a 7.8% fall from September’s 2.940 million bpd, JODI data showed, while direct crude burning decreased by 92,000 bpd to 393,000 bpd.
“With the Group of Eight OPEC+ member states unwinding their production cuts further in October and local demand seasonally declining, more crude was available for exports,” said UBS analyst Giovanni Staunovo.
The eight OPEC+ members have increased output targets by 2.9 million barrels per day since April, before agreeing to pause hikes for the first quarter of 2026.
Other producers, such as the U.S. and Brazil, are also increasing supply, adding to concerns of a glut. Earlier this month, OPEC forecasted that demand for OPEC+ crude will average 43 million bpd in 2026, unchanged from last month and close to what OPEC+ produced in November.
Should OPEC+ keep pumping at November’s rate in 2026 and other things remain equal, production would be 60,000 bpd higher than demand, according to a Reuters calculation based on the OPEC report.
Saudi Arabia’s crude exports to China are set to touch a three-month high in January after the kingdom slashed its official selling prices to Asia, sources said early last week.
(Reporting by Sherin Elizabeth Varghese, Noel John and Anmol Choubey in Bengaluru; Editing by Kirsten Donovan)